eSpeed market orders
September 8, 2006
In his discussion of the interplay of market orders and limit orders, Harris goes on to point out that eSpeed charge a higher fee for market orders than limit orders. Which is interesting for me, since eSpeed is Cantor‘s fixed income ECN, and our desk uses our system to trade on it. They charge more for market orders to encourage limit orders, and thereby narrow spreads between best bid and ask. In theory, narrower spreads should make eSpeed appear a more attractive trading venue than the other fixed income ECNs.